Saturday Night Quarterback says (on a Sunday), For the week ahead expect…
Last week, the Standard & Poor’s 500 went just about no where. We started the week at 2549 on the S&P 500 (that was the October 6 close) and ended at 2553 at the close on October 13. Check my math but that’s 4 points on the week for an index at 2550. That qualifies as massive sideways. Which can be a good thing.
Lots of sloshing but no real direction
It’s pretty clear that no one wants to exit this market. The indexes aren’t going much of anywhere–the Standard & Poor’s 500 was off just 0.05% at the close today–even as some sectors, such as energy in the early part of this week, get hammered.
Tech slide continues casting doubt on “buy on the dip” strength
Anyone who bought technology stocks on the dip last Friday and Monday is feeling unhappy today. And that spells a worried market. Especially since key stocks in the sector such as Apple (AAPL) and Amazon (AMZN) are showing signs of breaking through important support. The NASDAQ Composite Index is off 0.93% today as of 12:30 p.m. New York time.
Cause for worry? Where’s the sector rotation today?
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Tech stocks down again but not a replay of Friday rout
The market is more anxious today but it doesn’t seem anywhere near panic country. The CBOE S&P 500 Volatility Index (VIX), was up another 10% today (10.75% as of 1:30 to be exact) on top of a greater than 10% gain on Friday, but that’s a relatively restrained move considering that what is known as the “fear” index has been trading near record lows and that this index can tack on moves of 30% to 40% in a day when investors get really fearful.
Another down day for U.S. stocks–consensus still saying that’s a good thing
The consensus on Wall Street is, as it was yesterday, that this is a consolidation after a big run upwards in the market and that it is therefore a good thing. A slight dip in prices would form a base, the thinking goes, for a new leg higher.
Selling my German ETF to raise cash
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To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...Saturday Night Quarterback says, For the week ahead expect…
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...Friday Trick or Trend: A Pattern in a Pattern-less Market–It’s Called a Consolidation
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